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How do I claim an educational expense on my return?

 
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Category : > Income Tax Filing Across The USA
Posted On : Fri Nov 26th,2010

 
How do I claim an educational expense on my return?
 

How do I claim an educational expense on my return?

When job-related educational expenses are involved. Educational expenses are deducted as miscellaneous deductions, on Form 1040, Schedule A , Itemized Deductions. Alternatives to educational expense deductions should also be considered, such as the Lifetime Learning and Hope Credits.

5) Last year, my parents took out a student loan for me in their name and I also took out a student loan. My parents received Form 1098-E for their loan and I also received Form 1098-E for my loan. Can we both claim the interest from the loans on our tax returns? Last year, I was not their dependent.

In order for a taxpayer to claim a deduction for student loan interest, the loan must be incurred for the taxpayer, the taxpayer's spouse, or a person who was the taxpayer's dependent when the taxpayer took out the loan. Since you were not your parents' dependent when they took out the student loan, the interest they paid on the loan does not qualify for deduction. However, the student loan interest payments you made on the student loan you took out on your behalf are eligible for deduction.

  


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